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GCM Resources PLC (GCM)

Wednesday 07 May, 2008

GCM Resources PLC

Stmt re Exploration Licence

GCM Resources PLC
07 May 2008
7 May 2008
PRESS RELEASE
GCM Resources plc
GCM AND AURA LOCATES URANIUM MINERALISATION IN ITS NEWLY AWARDED LICENCES IN
MAURITANIA
GCM Resources plc ('GCM or the Company') (AIM: GCM), in alliance with Aura
Energy Limited ('Aura') (ASX: AEE), is pleased to announce that it has been
granted three uranium exploration licence areas in Mauritania.
The licences cover 3600 km2 in Mauritania which is known for uranium
mineralisation and multiple radiometric uranium anomalies.
Highlights
• Uranium mineralisation, in the form of uranium vanadate, has been
observed in all three licences in seven widely spaced shallow pits at grades
ranging from 158 ppm to 3270 ppm U. (from individual 2 kg samples)
• The licences contain multiple strongly anomalous uranium channel
radiometric zones outlined from airborne surveys ranging in area up to 3.5
square kilometres. The mineralised pits lie on five of these anomalous features
• The licences cover 3600 km2 in the uranium-bearing Requibat Shield in
northern Mauritania
The three newly acquired licences contain strongly anomalous uranium channel
radiometric zones ranging in area up to 3.5 square kilometres, defined by
airborne surveys. Recent field reconnaissance by Aura within these areas
located visible uranium mineralisation (uranium vanadate) in each of seven
shallow pits (to 1.2m) on five separate radiometrically anomalous zones. Uranium
grades associated with visible uranium mineralisation in the pits range from 158
ppm to 3270 ppm U, with four of the pits returning assays greater than 2000 ppm
U. The limited reconnaissance work to date has not indicated whether the uranium
mineralisation extends below these shallow pits.
The licences cover predominantly Precambrian granitic intrusive rocks with
remnants of meta-sedimentary and volcanic rocks. Drainage channels and calcrete
occurrences occur within the licences and offer sites for uranium concentration.
Two of the licences (Oum Ferkik and Oued el Foule Est) have been covered by
high quality regional airborne radiometric / magnetic survey on 700m spaced
lines. Most of the third licence (Ain Sder) has not been covered by this
airborne survey. However, the small portion of the Ain Sder licence which does
have airborne survey coverage has strong radiometrically anomalous zones
associated with visible uranium mineralisation.
As far as Aura /GCM are aware the areas have had little, if any, previous
systematic exploration for uranium. Mauritania has a developed mining industry,
a government supportive of exploration and development and keen to attract
foreign investment, and extensive geological, geophysical and geochemical
databases. The country was ranked 11th in the world in terms of investment risk
in a recently published survey of resource company executives (ahead of
countries with very active mining industries such as Mexico, Argentina, Brazil,
Tanzania).
The Aura / GCM Alliance has been actively pursuing opportunities in Mauritania,
and has a further 11 applications for uranium exploration licences pending in
the country.
Steve Bywater, GCM's Chief Executive commented:
''We are pleased to announce that uranium mineralisation has been observed in
all three areas where we have recently received licences for uranium
exploration. We are very positive about this project and the future projects in
the Aura / GCM African Uranium Alliance.'
Aura / GCM African Uranium Alliance:
On behalf of its Uranium Alliance with GCM, Aura has been actively developing
high quality uranium exploration targets in West Africa since April 2007. The
Alliance brings together the technical uranium experience, targeting and
exploration skills of Aura with the project development and mining experience of
GCM. The Alliance is managed and exploration conducted by Aura with funding
provided jointly by Aura and GCM in cash and in kind. New project specific joint
ventures between Aura and GCM will be established for these licences under which
GCM will initially solely fund exploration, with Aura retaining the right to
participate at 30% (or, at Aura's election, lower) interest.
Aura Energy Limited is an ASX listed uranium exploration company, very active in
evaluating uranium occurrences in Sweden, the Yilgarn Province and Gunbarrel
Basin in Western Australia, as well as in West Africa.
GCM Resources plc is a London based company quoted on the London Stock
Exchange's Alternative Investment Market ('AIM'). The Company is strategically
focused on coal and related investments across a range of geographical locations
including: South Africa, Bangladesh and China with the aim of sourcing potential
opportunities that offer near return whilst mitigating risk through the
development of a diverse portfolio of assets. GCM's principal activity is
developing the Phulbari Coal Project in Northwest Bangladesh.
For Further Information:
GCM Resources plc: Pelham Public Relations:
Steve Bywater Charles Vivian
Chief Executive Ph: +44 (0)207 743 6672
Ph: +44 (0)207 290 1630 Email: charles.vivian@pelhampr.com
Graham Taggart Klara Kaczmarek
Finance Director Ph: +44 (0)203 159 4395
Ph: +44 (0)207 290 1630 Email: klara.kaczmarek@pelhampr.com
JP Morgan Cazenove
Nominated Advisor
Michael Wentworth-Stanley Charlotte Keenan
Ph: +44 (0)207 588 2828 Ph: +44 (0)207 588 2828
This information is provided by RNS
The company news service from the London Stock Exchange

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